Welcome to Real Estate Foreclosure Guide
Washington State Real Estate Foreclosure Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Bank Foreclosure Real Estate Opportunity
from:Now that more homeowners are getting into trouble with their adjustable rate mortgages, there are more bank foreclosure real estate opportunities out there. If you are an investor looking for property at a discount, a foreclosure can be a good way to go if you are dealing with the owner directly. Many investors think the only way to buy foreclosures is at auction, but there are other ways to approach a homeowner in trouble to work out a deal in a bank foreclosure real estate issue that can lead to more equity for the homeowner and big profits for the investor. There is also less risk when you are dealing with the homeowner directly because they won't be tempted to trash the place before they leave, if they feel they've gotten a good deal.
How To Contact The Homeowner
Once a foreclosure notice goes out there are companies that keep track of properties that are going into foreclosure. Investors can join sites like RealtyTrac.com to find out what bank foreclosure real estate opportunities are in their area. The nice thing about some of these sites are that they also provide information on outstanding liens and even homeowner contact information. Of course, you can get the same information scouting the county deeds records, but a title and liens search should be done prior to contacting the homeowner.
Most people begin their approach by sending out postcards with their information to the homeowner in distress. Keep in mind that many investors will be competing with you to offer a deal to the homeowner who may ignore everything up until the last minute. Sometimes you can locate the home owner's phone number and contact them this way. The last way, face-to-face, is not recommended for people just starting out as looking into bank foreclosure real estate. It takes a certain finesse to deal directly with a distressed homeowner.
Working Out A Deal
You can work out a deal on bank foreclosure real estate that is in the preforclosure state. That's because at any point in time the homeowner can pay off the debt and bring the account current by selling the home. It is up to you to see that there are no outstanding liens or other issues that might affect the value of the bank foreclosure real estate offer you've written up. Otherwise, you will have to wait until auction to make a bid on the property and by then it may not be possible to do an indoors home inspection, making the deal riskier.
Washington State Real Estate Foreclosure News
Video: Ask the Experts: Real Estate
MoneyWatch real estate blogger Ilyce Glink joins editors Jill Schlesinger and Jack Otter to answer questions about rental properties, mortgage rates and more.
Read more...NAREB® State Of Housing In Black America Issues Forum To Highlight Congressional Perspective On Foreclosure And ...
WASHINGTON, April 28, 2012 /PRNewswire/ -- The foreclosure, neighborhood blight and natural disaster crises are having a disproportionate impact on minority communities, and minority-owned real estate ...
Read more...1st quarter home sales up in Wash, prices languish
SPOKANE, Wash. (AP) — Sales of existing homes in Washington state surged in the first quarter of the year, but average prices did not, according to a new report. The number of homes sold returned to levels that were close to average for the past 20 years, and were up 11.3 percent from the same period a year ago, according to the report by the Runstad Center for Real Estate Studies at the ...
Read more...Realty Q&A: Frustrated borrowers seeking mortgage help
Lew Sichelman shares readers’ tales of borrowers seeking mortgage help—and failing miserably.
Read more...Heller Bill Aims To Streamline Short Sales
WASHINGTON - New legislation in Congress aims to streamline short sales of mortgage-troubled homes. The bill by Sen. Dean Heller, R-Nev., would require banks to acknowledge a homeowner's short sale request within 30 days, and to issue a decision within
Read more...